Bitmine Immersion Technologies, the second-largest public cryptocurrency holding company, provided a detailed update on its Ethereum (ETH) strategy on Monday, along with broader numbers for its cryptocurrency portfolio, including total holdings and so-called “moonshots.”
The company said its total cryptocurrency positions now reach $13.3 billion, while investors’ main focus remains Ethereum accumulation, which it said has reached a up-to-date high.
Bitmine targets 5% of Ethereum supply
According to according to Bitmine’s disclosure, its ETH holdings reached a record high of 5,078,386 tokens at $2,369 per ETH. Thomas Lee, the company’s CEO, highlighted that the milestone was reached last week, noting that Bitmine “crossed 5 million last week.”
He described this as an crucial step towards a long-term goal: acquiring 5% of Ethereum’s supply. In his remarks, Lee stated that the rate of accumulation has been “astonishing” and that Bitmine reached the 5 million mark in about 10 months.
Lee also pointed to research supporting the idea of Ethereum as a “store of value.” To argue this, he cited recent reports, including a study by Etherealize ETH may increasingly act as collateral as digital assets become more involved in financial transactions.
In his view, Ethereum’s recent performance since the start of the Iran war has helped demonstrate this role. Lee stated that ETH has outperformed the S&P 500 by 1,696 basis points since the war began, and added that Ethereum remains the only best performing resource in the worldapart from oil prices.
He argued that this vigorous reinforces the concept of ETH as a particularly resilient asset in “times of war”, presenting it as significant and distinguished from other holdings.
Beyond valuation and performance, Lee tied Ethereum’s momentum to two larger trends. He said Ethereum benefits from Wall Street’s tokenization activity on the blockchain, as well as from the development of agent-based artificial intelligence (AI) systems, which he sees as increasingly requiring public and neutral blockchains.
The highest pace of purchases since December
In terms of the trading pace itself, Lee said that Bitmine has maintained an increased rate of ETH purchases in each of the last four weeks, describing this as evidence of a continuous accumulation strategy even in changing market conditions.
He said the company bought 101,901 Ethereum in the last week, calling it the highest buying pace since the week of December 15, 2025. Lee also linked the buying strategy to what he described as Basic Bitmine casestating that ETH is in the final phase of a “mini-crypto-winter”.
The company also detailed its position regarding the shares. As of April 26, 2026, Bitmine reported a total ETH stake of 3,701,589 tokens, valued at $8.8 billion at a price of $2,369 per ETH. In addition to this figure, Bitmine reported that its annual staking revenue currently stands at $264 million.
At the time of writing, Ethereum is trading at $2,292. Despite improving market conditions, it fell 3% on Monday after failing to break above the $2,400 resistance level.
Featured image from OpenArt, chart from TradingView.com
